IAG Wealth Partners LLC Purchases 173 Shares of AbbVie Inc. (NYSE:ABBV)

IAG Wealth Partners LLC grew its position in AbbVie Inc. (NYSE:ABBV) by 15.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,269 shares of the company’s stock after acquiring an additional 173 shares during the period. IAG Wealth Partners LLC’s holdings in AbbVie were worth $251,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of ABBV. First Hawaiian Bank increased its position in AbbVie by 9.0% during the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock worth $5,506,000 after buying an additional 2,657 shares during the last quarter. PGGM Investments increased its holdings in shares of AbbVie by 308.1% during the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after acquiring an additional 24,756 shares during the last quarter. Foresight Capital Management Advisors Inc. bought a new stake in AbbVie in the 2nd quarter valued at $1,349,000. Sumitomo Life Insurance Co. increased its holdings in shares of AbbVie by 29.6% in the third quarter. Sumitomo Life Insurance Co. now owns 27,003 shares of the company’s stock valued at $5,333,000 after purchasing an additional 6,161 shares during the last quarter. Finally, Baron Silver Stevens Financial Advisors LLC raised its position in shares of AbbVie by 33.1% in the first quarter. Baron Silver Stevens Financial Advisors LLC now owns 2,535 shares of the company’s stock valued at $462,000 after purchasing an additional 631 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on the stock. William Blair raised shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Wells Fargo & Company increased their price objective on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Morgan Stanley boosted their target price on shares of AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a research report on Thursday. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $201.00.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.25% of the stock is owned by corporate insiders.

AbbVie Trading Down 0.2 %

Shares of ABBV stock traded down $0.32 during mid-day trading on Friday, reaching $203.55. 4,493,880 shares of the stock traded hands, compared to its average volume of 5,329,237. The company has a market cap of $359.54 billion, a price-to-earnings ratio of 70.68, a price-to-earnings-growth ratio of 2.76 and a beta of 0.63. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The stock’s fifty day simple moving average is $194.12 and its two-hundred day simple moving average is $179.49. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $207.32.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same period last year, the company earned $2.95 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, research analysts anticipate that AbbVie Inc. will post 10.9 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.22%. AbbVie’s dividend payout ratio is presently 215.28%.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.